BLANTYRE-(MaraviPost)-Award-winning videographer, Gift Sukali popularly known as Sukez,has come forward with a scathing critique of the National Economic Empowerment Fund (NEEF) loan process.
In a Facebook post we have seen,Sukali says he applied for a loan in 2022 to establish Innovation, Creative and Cinema Hubs across the country, but the process was marred by delays and bureaucracy.
The talented vidographer alleges that despite meeting all requirements and providing collateral, his loan application was stalled for over a year.
He claims that politically connected individuals received large sums of money without proper proposals or plans.
Sukali says the experience left him disillusioned with the system, which he believes is designed to favor a select few.
He has however,warned young Malawians not to wait for the system to recognize their potential, but to create and build despite the challenges.
NEEF, is a registered state-owned microfinance institution under the Companies Act of 2013 and is dedicated to fostering economic empowerment and financial inclusion.
Recognizing the importance of equitable economic growth, NEEF provides vital financial support to aspiring entrepreneurs and established businesses across various sectors.
In 2014, it was incorporated as a limited company by guarantee.
Over the years, the corporation has changed its name from MARDEF to MEDF and finally to NEEF.
In September 2020, MEDF was renamed as NEEF, with a mandate to look into the broader objectives of micro-financing with a primary focus on the economic empowerment of underserved Malawians.
The Reserve Bank of Malawi (RBM ) granted the institution a license to operate as a non-deposit taking microfinance institution in January 2015.
